Press Release: ABN AMRO has reached an agreement with LGT on the sale of its private banking operations in Asia and the Middle East. LGT is a leading international private banking and asset management group.
ABN AMRO has reached an agreement with LGT on the sale of its private banking operations in Asia and the Middle East
In line with the strategic update as announced on 16 November 2016, ABN AMRO has decided to sell its private banking operations in Asia and the Middle East to LGT. LGT is a leading international private banking and asset management group.
Jeroen Rijpkema, CEO of ABN AMRO Private Banking International said: 'Private banking is a core activity of ABN AMRO. After a strategic review, we have decided to focus on further strengthening and growing our private banking activities in Northwest Europe. The transfer of our private banking business in Asia and the Middle East is the logical next step in implementing this strategy. We are happy to have found in LGT a strong and solid partner to ensure continuity of service in the best interest of our clients and staff involved'.
ABN AMRO Private Banking manages around USD 20 billion (EUR 18.5 billion) of client assets in Singapore, Hong Kong and Dubai, representing about 10% of ABN AMRO Private Banking client assets worldwide. The transaction is subject to approvals from the relevant authorities and closing is expected in Q2 2017. ABN AMRO expects to realise a substantial book gain.
In the region, ABN AMRO will continue to offer financial services to its Corporate Banking clients active in amongst others Energy, Commodities & Transportation, the Diamond & Jewellery sector and Clearing.
ABN AMRO Press Office ABN AMRO Investor Relations Brigitte Seegers, Press Officer Anton Groenevelt, Investor Relations Officer Brigitte.email@example.com firstname.lastname@example.org 31 6 30859888 31 20 6282282
Press Release ABN AMRO has reached agreement with LGT : http://hugin.info/172722/R/2062063/773513.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: ABN AMRO via GlobeNewswire